Market Overview:
The Aerospace Engineering Services in Airlines Market share is expected to register 3.75% CAGR during the forecast period.
The global aerospace engineering services in airlines market is expected to gain significant traction during the forecast period. The market is expected to register a 3.75% CAGR during the forecast period to 2030. The aerospace engineering services in airlines market trend can be attributed to an increase in passenger traffic fuelling the demand for new aircraft. Focus on decreasing carbon footprint through aircraft weight reduction is further expected to encourage market growth.
Market Segmentation:
The global aerospace engineering services in airlines market share has been segmented based on service type, technology, and region.
By service type, the global engineering services in airlines market has been classified as new product development, design support, software engineering, process engineering, and Maintenance, Repair, and Overhaul (MRO). The design support segment dominated the market with a valuation of USD 551.8 million in 2018 and reach USD 788.9 million by 2030. Aerospace engineering service providers assist aircraft manufacturers in designing the prototype of aircraft. Various airline companies are outsourcing their design support work to companies such as Triumph Group, Inc. to experience enhanced design quality and structure. The maintenance, repair, and overhaul (MRO) segment is expected to exhibit a CAGR of 4.64% during the forecast period.
Based on technology, the global engineering services in airlines market has been divided into 3D modeling, machine learning, Augmented Reality Virtual Reality (AR/VR), big data analytics, Internet of Things (IoT), biometrics, sensors tracking, and blockchain. The Internet of Things (IoT) segment is expected to lead the market with a value of USD 523.3 million in 2018 and reach USD 731.2 million by 2030. The Internet of things (IoT) is a computing concept where physical objects are connected to the Internet. The aviation industry is extremely competitive and faces constant challenges, such as providing a superior traveling experience at low fares. IoT is expected to transform the aviation industry by offering a seamless travel experience and enhancing operational efficiency. The big data analytics segment is expected to register the highest CAGR of 5.63% during the forecast period.
Key Players:
The aerospace engineering services in airlines market drivers are Altran (France), Alten Group (France), AVL (Austria), Tata Consultancy Services Limited (India), Wipro Limited (India), Accenture PLC (Ireland), Akka Technologies (Belgium), Thompson Aero Seating Ltd. (UK), Happiest Minds Technologies (India), HCL Technologies Limited (India), International Business Machines Corporation (US), Capgemini (France).
Regional Analysis:
The global aerospace engineering services in airlines market industry share has been segmented, by region, into North America, Asia-Pacific, Europe, the Middle East Africa, and Latin America. The North American market was the largest with a value of USD 501.6 million in 2018. This is due to the presence of key players such as Honeywell International, Inc., thereby, bolstering market growth in the region. The market in North America is expected to reach USD 745.3 million by 2030 at a CAGR of 3.34% during the forecast period. Europe is expected to be the second-largest market during the forecast period. The regional market is expected to reach USD 553.6 million by 2030 at a CAGR of 3.51%, while Asia-Pacific is projected to be the third-largest market during the review period. The market in Asia-Pacific is expected to reach USD 551.0 million by 2030 at a CAGR of 4.89% during the review period.
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